A House bill was reintroduced Monday that would both establish a Small Business Advisory Board to the Consumer Financial Protection Bureau, as well as codify the bureau's existing credit union and community bank advisory councils.

Consumer Financial Protection Bureau Director Richard Cordray will deliver the bureau's sixth semiannual report to the U.S. House Financial Services Committee today, one of several hearings CUNA will be paying close attention to this week.

An article reporting that the Financial Accounting Standards Board proposal regarding credit losses would likely "have a significant, detrimental impact on a number of credit unions and their members" was the most-read
News Now
article in February.

Virginia Gov. Terry McAuliffe last week signed into law two pieces of legislation backed by the Virginia Credit Union League, including one that would allow credit unions to offer prize-linked savings accounts.

Consumers from Texas, Oklahoma and Arkansas who picked credit unions over banks to manage their finances last year made the right choice, according to recent numbers from the Cornerstone Credit Union League.

Jonathan "Jared" Ihrig has been promoted to chief compliance officer for CUNA. Effective immediately, Ihrig will manage staff to provide compliance information to leagues and credit unions, as well as provide assistance to CUNA's advocacy department in assessing the impact of federal legislation on credit union operations.